1516 S Gordon St · Atlanta, GA 30310

$229,900

6 bd · 2.0 ba · 2,898 sqft · MultiFamily public records · 24 Days on market

Built 1920 9,757 sqft lot

---

Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• DSCR +6.5/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Attention investors and DIY enthusiasts! Multiple exit strategies: finish this remodel then either flip, rent or move in! Home being sold as is. Cash preferred but will consider financed all offers. Seller is assisted by an Attorney in Fact. Do not knock on door or approach house without prior communication.

Key facts

• 9,757 sq ft lot
• Built 1920
• Listed 23 days

Property features AI

Finance

• Other: Approximately 0.224 acre lot (about 9,757 sq ft); Two total units
• HOA & community: No association; No association fees

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Other utilities
• Home design: Residential income property; Multi-family; Structure type: Other
• Construction: Built in 1920
• Exterior features: Construction materials: Other; Resale condition

Interior

• Heating & cooling: Has heating (Other); Has cooling (Other)
• Interior features: Two levels; No basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.1% in Atlanta — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#6 in GA, #919 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, cost of living C-.
• Atlanta Public Schools (urban): math 28% / reading 35% proficiency, ranked #80 of 174 in GA (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.8%/yr); 460 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• At $2,714/mo this rent would consume 61% of the median local household income ($53k/yr) (locally 1676% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $230k implies a 228% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,451 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $678,132
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1278 Greenwich St SW	0.55mi	7/4.0 (+1)	3,309 (+14%)	23mo	$775,000	$234	18

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.77% rent growth · sell at horizon

5-year hold

• IRR: -7.9%
• Equity multiple: 0.71×
• Total profit: $-18,761
• Equity at exit: $34,279

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $6,277
• Equity at exit: $19,878

Cash invested: $64,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30310

• Home prices YoY: -32.8%
• Rents YoY: 2.8%
• Active inventory: 460
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,714 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$546 /mo · $6,547/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $297

Break-even live

Break-even rent $2,338

Max offer price $229,900

Occupancy floor 84%

Sensitivity live

Price	-10% $427	-5% $362	+0% $297	+5% $232	+10% $167
Rent	-10% $83	-5% $190	+0% $297	+5% $404	+10% $511
Rate	-1.0pp $413	-0.5pp $356	base $297	+0.5pp $237	+1.0pp $177

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,714
Total (2 units)			$2,714

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1439 Westboro Dr SW Atlanta, GA	5.0	2.0	2020	$2,500	$1.24	19d	1	0.49mi
211 Laurel Ave SW Atlanta, GA	5.0	3.0	2000	$3,100	$1.55	25d	1	0.74mi
1040 Palmetto Ave SW Atlanta, GA	5.0	2.0	3352	$3,250	$0.97	25d	1	1.27mi
1603 Ezra Church Dr NW Atlanta, GA	5.0	4.0	2448	$6,000	$2.45	25d	1	1.38mi
1336 Willow Trl SW Atlanta, GA	5.0	2.0	2000	$2,500	$1.25	6d	1	1.39mi
175 Holly Rd NW Atlanta, GA	5.0	3.0	2663	$2,800	$1.05	25d	1	1.46mi

Listing history 18 events

1. 2026-06-21
   days on market $229,900 Active 24 DOM
2. 2026-06-18
   days on market $229,900 Active 21 DOM
3. 2026-06-17
   days on market $229,900 Active 20 DOM
4. 2026-06-16
   days on market $229,900 Active 19 DOM
5. 2026-06-15
   statusdays on market $229,900 Active 18 DOM
6. 2026-06-13
   days on market $229,900 Price Change 16 DOM
7. 2026-06-13
   pricestatusdays on market $229,900 Price Change 15 DOM
8. 2026-06-09
   days on market $279,000 Active 12 DOM
9. 2026-06-08
   days on market $279,000 Active 11 DOM
10. 2026-06-07
    days on market $279,000 Active 10 DOM
11. 2026-06-04
    days on market $279,000 Active 7 DOM
12. 2026-06-03
    statusdays on market $279,000 Active 6 DOM
13. 2026-06-02
    days on market $279,000 Price Change 5 DOM
14. 2026-06-01
    days on market $279,000 Price Change 4 DOM
15. 2026-05-31
    pricestatusdays on market $279,000 Price Change 3 DOM
16. 2026-05-28
    listed $309,000 New
17. 1997-11-10
    soldstatus $70,000
18. 1991-08-30
    soldstatus $24,200

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $6,547 · $546/mo
• Projected year-2 tax: $6,547 · $546/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,568
• − Mortgage interest: −$12,878
• − Property taxes: −$6,547
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,605
• − Management: −$2,605
• − Depreciation: −$6,688
• Taxable income: $95
• Est. tax owed @ 24.0%: −$23
• After-tax cash flow: $3,542/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Atlanta Public Schools
• NCES district ID: 1300120
• Math proficiency: 28% ▼ -6.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $48,306
• Composite: 27.27/100
• National rank: #7006
• State rank: #80 of 174 in GA

Livability — Atlanta

• Score: 83/100
• State rank: #6
• US rank: #919

Category grades

Amenities A+ Commute A+ Cost of living C- Crime A Employment B Housing A+ Health & safety A- User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlanta, GA
• County: Fulton County · 1,094,430 people
• City population: 629,525
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 27,186
• Household income: $53,037
• Rent vs Own: 47.0% rent · 53.0% own
• Severe rent burden: 1676.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 1,203,707 people
• By 2030: 1,299,706 · +8.0%
• By 2040: 1,488,256 · +23.6%
• By 2050: 1,664,580 · +38.3%
• By 2075: 2,036,072 · +69.2%
• By 2100: 2,222,402 · +84.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (76%)
• Race & ethnicity: Black 76% White 14% Two or more races 4% Hispanic / Latino 4% Asian 2%
• Common ancestry: Lithuanian 1% Slovak 1% Serbian 0%
• Foreign-born: 5% · Canada, South Korea, Vietnam
• Languages at home: 92% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid D (+44.9) · D 71.9% · R 27.0% · Other 1.1%
• 2008→2024 swing: +9.8pp toward D · 2008: 35.0pp · 2024: 44.9pp
• All cycles: 2024: D+44.9 2020: D+46.4 2016: D+42.1 2012: D+29.6 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.00%
• Current HPI: 418.7297
• Rent YoY: ▲ 2.77%
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+1176.9% since first listed

3 events — show timeline

• 2026-05-28 Listed $309,000 GAMLS
• 1997-11-10 Sold (Public Records) $70,000 Public Records
• 1991-08-30 Sold (Public Records) $24,200 Public Records

Property tax history

+7.9%/yr

Latest (2025): $6,547 · -4.5% YoY. Source: county tax records.